JB Hi-Fi announces Clive Anthonys $33.4 million write-down

The ten Clive Anthonys stores under the JB Hi-Fi umbrella could face rebranding or even closure as part of a restructuring plan predicted to cost a one-off post-tax charge of $24.8 million.

This year’s first half results have revealed a negative comparable store growth of 13.3 per cent for the appliance retailer, which follows several years of disappointing returns, said JB Hi-Fi in statement this morning.

Whitegoods, cooking and air conditioners have been tipped to experience ongoing challenges and will be further pressured by new competition expected to enter the market, all of which will add to tough trading, said the company.

The disappointing trading led to a strategic review of the business to ensure maximised returns for shareholders. It is expected the $33.4 one-off charge will be sufficient to turn around the troubled stores.

Meanwhile, JB Hi-Fi also announced that it will buy-back up to 10 per cent of its shares on issue, representing $170 million worth of its shares, through an off-market share buy-back.